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Bitkub

From Wikipedia, the free encyclopedia

Bitkub
Company typePrivate
IndustryBitcoin
Technology
Cryptocurrency
Blockchain
FoundedFebruary 5, 2018; 7 years ago (2018-02-05)
FounderJirayut Srupsrisopa and others
Headquarters
Bangkok, Thailand
Number of employees
500+
Websitehttps://www.bitkub.com/

Bitkub is a Thailand-based cryptocurrency exchange operated by Bitkub Online Co., Ltd. (Thai: āļšāļĢāļīāļĐāļąāļ—āļšāļīāļ—āļ„āļąāļš āļ­āļ­āļ™āđ„āļĨāļ™āđŒ āļˆāļģāļāļąāļ”) under its parent group Bitkub Capital Group Holdings (Bitkub Capital Co., Ltd.). The company was founded in 2018 by Jirayut Srupsrisopa and was among the first exchanges to receive a digital asset license from Thailand’s Securities and Exchange Commission (SEC) in 2019. As of 2021, Bitkub stated that it accounted for approximately 90% of regulated crypto transactions in the country.[1]

History

[edit]

Jirayut Srupsrisopa, co-founder and CEO of Bitkub Capital, was among Thailand’s early entrepreneurs in the cryptocurrency sector. Before establishing Bitkub, he co-founded the Bitcoin wallet operator Coins.co.th, a partner of Philippines-based Coins.ph, which was acquired by Go-Jek in 2019.[2]

Bitkub was founded in February 2018 with a registered capital of 50 million baht, reportedly backed by mobile operator DTAC. By the end of the year, it had become Thailand’s second-largest digital currency exchange, after BX.in.th.[1][3]

In January 2019, Bitkub was among the first four exchanges to receive operating licenses from the Securities and Exchange Commission [th] (SEC), following the Ministry of Finance’s regulation of digital asset services.[4]

According to media reports, Bitkub’s revenue increased from 3 million baht in 2018 to 30 million in 2019 and 300 million in 2020,[1] reaching 3.28 billion during the first three quarters of 2021.[5] The exchange reportedly benefited from the closure of BX.in.th in 2019[6] and the increased interest in cryptocurrency trading during the late-2020 Bitcoin price surge. However, the surge in trading volume caused several system outages in January 2021, leading to a temporary suspension of services. The SEC instructed Bitkub to resolve its technical issues.[7] The regulator also ordered a suspension of new user registrations until Bitkub demonstrated system stability; the restriction was lifted in April 2021.[8][9]

In May 2021, Bitkub introduced its own cryptocurrency, Bitkub Coin (KUB).[10]

In November 2021, Siam Commercial Bank Group announced an agreement to acquire a 51% stake in Bitkub Online for 17.85 billion baht (approximately $535 million), valuing Bitkub at over $1 billion.[5][11] The deal was later canceled in August 2022 after unresolved regulatory concerns.[12]

Bitkub has stated its intention to expand into other Southeast Asian markets.[13]

In December 2021, the SEC fined Bitkub a total of 3.9 million baht for eight violations, including system disruptions, inadequate customer support, non-compliance with trading rules, and improper handling of customer assets.[14][15]

References

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  1. ^ a b c "From troublemaker to Thailand's first fintech unicorn – tracking Jirayut Srupsrisopa's crypto journey". Thai PBS World. December 6, 2021. Retrieved December 11, 2021.
  2. ^ Russell, John (January 18, 2019). "Go-Jek buys fintech startup Coins.ph for $72M ahead of Philippines expansion". TechCrunch. Retrieved December 11, 2021.
  3. ^ Polkuamdee, Nuntawun (December 8, 2018). "For 'Topp', no use resisting the urge to coin money". Bangkok Post. Retrieved December 11, 2021.
  4. ^ Russell, John (January 9, 2019). "Thailand issues its first licenses to 4 crypto exchanges". TechCrunch. Retrieved December 11, 2021.
  5. ^ a b Nguyen, Anuchit (November 3, 2021). "Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake". Bloomberg. Retrieved December 11, 2021.
  6. ^ Polkuamdee, Nuntawun (November 26, 2019). "SEC asked to shut out large foreign entrants". Bangkok Post. Retrieved December 11, 2021.
  7. ^ Polkuamdee, Nuntawun; Chudasri, Darana (January 20, 2021). "Bitkub told to fix platform issues". Bangkok Post. Retrieved December 11, 2021.
  8. ^ Polkuamdee, Nuntawun (February 5, 2021). "SEC bars Bitkub from registering new clients". Bangkok Post. Retrieved December 11, 2021.
  9. ^ Chudasri, Darana (April 22, 2021). "April sees surge in retail cryptocurrency traders". Bangkok Post. Retrieved December 11, 2021.
  10. ^ Chudasri, Darana (May 21, 2021). "Bitkub Coin debuts on exchange in stable trade". Bangkok Post. Retrieved December 11, 2021.
  11. ^ "Thai Siam Commercial Bank makes $537 mln acquisition in digital asset exchange Bitkub". Reuters. November 2, 2021. Retrieved December 11, 2021.
  12. ^ Polkuamdee, Nuntawun; Wiriyapong, Nareerat (August 26, 2022). "SCB X scraps Bitkub investment plan". Bangkok Post. Retrieved August 31, 2022.
  13. ^ "Bitkub plots expansion in bid to be Asia's Coinbase". Bangkok Post. Bloomberg. December 1, 2021. Retrieved December 11, 2021.
  14. ^ "āļ.āļĨ.āļ•. āļŠāļąāđˆāļ‡āļ›āļĢāļąāļš"āļšāļīāļ—āļēāļ‹āļ‹āđˆāļē-āļšāļīāļ—āļ„āļąāļš-āļŠāļ•āļēāļ‡āļ„āđŒ"". Krungthep Turakij (in Thai). December 24, 2021. Retrieved January 16, 2022.
  15. ^ "Digital asset firms hit with huge fines for insecure transactions, deposits". December 24, 2021. Retrieved January 16, 2022.
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